FEATURE:
My Back Pages
IN THIS PHOTO: Bob Dylan in 2012/PHOTO CREDIT: Fred Tanneau/AFP/GettyImages
The Artists Selling Their Rights
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SOMETHING interesting has been happening…
IN THIS PHOTO: Bob Dylan in 1963/PHOTO CREDIT: William C. Eckenberg/The New York Times
over the past week where artists’ rights have been in the news. At a time when streaming royalties are not huge and, in 2020, there is no touring and fewer opportunities to generate revenue, it is not surprising that some big artists are selling the rights to their music. At the time of writing this (12th December), Bob Dylan is the biggest artist to do that. Dolly Parton revealed that she might do it – David Crosby has already joined Dylan in selling his publishing rights. This article from The Guardian explains more:
“Bob Dylan just made more than $300m (£227m) doing it, Dolly Parton says she might do the same, while the singer-songwriter David Crosby says he is being forced to do it. Musicians are queuing up for big paydays by selling the publishing rights to their songs, as the streaming boom and industry upheaval wrought by the Covid-19 pandemic redefines the economics of music.
Dylan’s surprise move this week to sell the publishing rights to his 600 songs, from Blowin’ in the Wind to Knockin’ on Heaven’s Door, was described by the buyer, Universal Music, as one of the most important deals of all time.
It marks the latest peak of what one music industry executive describes as “gold fever”, with investors looking to cash in on the reliable, and increasingly valuable, returns of evergreen hits. The rights to songs generate royalties whenever they are played on the radio, sold on CD or vinyl, covered by another artist or licensed for TV shows, commercials or films. But it is royalty income from the streaming boom that has really attracted investors’ attention and fuelled the buying spree of artists’ back catalogues.
PHOTO CREDIT: @neonbrand/Unsplash
Since 2013 – the year global music sales hit a record low and Spotify started to gain international traction by launching in the US, the world’s biggest market – annual royalty revenues made by Bon Jovi’s 34-year-old hit Livin’ on A Prayer have increased by 153%. Last year, streaming accounted for 77% of the £1.4bn UK music market, according to the Entertainment Retailers Association.
The pandemic has also upended the wider economics of music. It has killed live gigs and tours, a multibillion-dollar market that is the lifeblood of many musicians’ income, and made older artists consider their options. Days after 79-year-old Dylan’s deal was struck, Dolly Parton, 74, said she was considering selling the publishing rights to her catalogue, which spans hits from 9 to 5 to I Will Always Love You, a move certain to prompt a bidding war. However, Parton said that a prime motivator was “estate planning”. Many artists have died before sorting out their affairs properly”.
It goes to show that, even for artists who have huge popularity and have enjoyed years of success, things are very hard in the modern landscape. I guess Dylan had no reason to not selling his songs - and the financial reward is something that is resonating with other artists. I wonder whether Dolly Parton will follow suit, as I think she will donate a lot of the money she makes to charity.
IN THIS PHOTO: Dolly Parton/PHOTO CREDIT: Larry McCormack/AP
I think that stories like Dylan selling his rights should be seen, again, as a glaring indictment of streaming and modern consumer culture. I can only imagine how challenging it is for smaller artists who have less wealth having to cope on very small income and pittance from streaming services. Of course, one cannot blame streaming platforms entirely for major artists giving their catalogues to a record company. I guess, with low royalties and a very disastrous year has left all artists short of money and worrying about the future. I think Dylan and Crosby’s tales will compel other, smaller, artists to see if they can get a deal. Whilst those huge-money pay-outs are going to be reserved to artists as iconic as Dylan, I do think we will see more deals brokered. Stevie Nicks sold a majority stake in her publishing catalogue for $100m to the music publisher Primary Wave. Other artists who have done a similar deal in 2020 up include Barry Manilow, Blondie, Chrissie Hynde, and Imagine Dragons. I wonder what Universal Music will do with Bob Dylan’s songs. They can make money off of them through use in film and T.V. show, but it would be interesting to read more about how an artist’s work can be used when they sell their catalogue; what ways big companies and labels can earn money and whether this will degrade the value of the songs or whether it will bring them to new audiences. It is going to be curious seeing what happens over the coming weeks and whether other artists take a lead from Bob Dylan. I think that it is great that Dylan has received a nice payday and sold his publishing rights to Universal Music so that they have access to…
PHOTO CREDIT: @d_mccullough/Unsplash
HIS back pages.